Cowabunga System Daily Update: 02/13/07

Main Trend

Current Trend= Trend remained down the entire day.

Today I only looked for short trades

Today’s Surf

4:15 am ET– There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9484 with a stop at the most recent swing high which was at 9522. Since the entry was after midnight and because I was 34 pips away from the nearest 50 level, I decided to set my initial target at 9450.

4:30 am ET– The Cable shoots way below my target at 9450, getting as low as 9409 and closing at 9411. Since this was a clean break, I trailed my stop to 9450 and decided to go for 9400 as my next target.

6:00 am ET – The Cable touches 9400 and fails to break it. This was a sign that the momentum was over and I decided to take my final profit, exiting at 9402.

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